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tv   Real Money With Ali Velshi  Al Jazeera  September 21, 2013 2:30am-3:01am EDT

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>> house republicans angry about obamacare move the government closer to a shut down. not good news for a fragile economy. plus 11 days until obamacare enrollment kicks off. we'll look at some of the rates you have to pay. and striking it rich in america. where one man went from cleaning bar bathrooms, oning it rich. i'm david shuster and this is real money. >> this is real money and you are the most important part of the show. so join our live conversation in
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the next half hour by using the lch #real money. >> republican dominated house of representatives kept the money going, the president's signature health care reform law. democrats controlling the senate will not pass the resolution. now the parties are stuck, demanding the other back down. >> let's defund this law now and protect the american people from the economic calamity that we know obamacare will create. >> what is brought to the floor today is without a doubt, without a doubt, a measure designed to shut down government. >> the debate that's going on in
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congress is not meeting the test of helping middle class families. >> the shut down if it happens would start on october the 1st, ten days away, when a new federal budget needs to get going. obamacare is also scheduled to kick into high gear in october. there is another leverage opportunity later in october when congress is supposed to debate the debt ceiling. failure to raise the debt ceiling could cause a down grade in the u.s. credit rating another scenario for economic chaos. but even if the stalemate eventually gets solved the mere discussion of it right now could have an economic impact. take a look at confidence over the next two or so years. noticeable dibt noticeable dips during 2011 and
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when the sequesterrer was debated earlier this year. the uncertainty pushes business leaders to slow down hiring. corporations start putting money away instead of spending money on new equipment. and if you wanted more proof, the partisan grandstanding in washington is a threat to the economy. fears of a shut down contributed to a 1% drop of the stock market on friday after hitting record highs earlier in the week. let's dig deeper into what all the uncertainty coming out of washington means for you. chris farrell, economic editor for marketplace money, a a finance program. what is this talk about washington dysfunction? >> you saw today with the decline in the stock market it was down about a percentage point. and so you know, that reflects the uncertainty that's going on back there. you're seeing interest rates
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have come down a little bit, you may think hey, interest rates are down. isn't that good news? but the reason why interest rates would be down is a flight to safety. a flight to nervousness about what's going on. let's hunker down during this period of time. so in going through a period daiferred where -- david where the federal reserve was talking about raising interest rates, interest rates about a percentage point and congress is trying to adjust to that. and you have this craziness about are we going to have a shuttle down, are we going to have a default, what's going to happen and that's starting to have a genuine impact on this economy. >> each day that the dysfunction doesn't get solved how much worse does it get to the economy? >> it gets a lot worse. you hear that cliche, there has to be certainty.
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but when is there certainty? if you are a major multinational corporation and you're thinking about hiker or you're thinking about investing you're going owait through this period of time before you start committing resources. that's where the fear comes in. because the period of time, when we go back to 2011, in 2011 there was this discussion oh we're going odefault on the treasury debt. and nobody really believed that, nobody believed that. but the thing is we came closer to defaulting on that debt than anybody thought possible. that's in the back of people's minds right now. to one extent you would think this is a typical washington drama, it's not good for the economy but in the end it will go past this right? but 2011 is hauntings. it is in the background, we came really close to last time, what aren't we thinking about this time? >> with all the nerves and the economy is there anything that ordinary consumers can do that as they hear, okay, there is this washington dysfunction,
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they may not raise the debt ceiling, this could cause some problems what could consumers prepare? >> the economy has been growing at 2% annual rate, your monthly job growth is about 189,000 a month, the economy will continue to grow. i would do what you're doing normally. my worry is this erodes further trust in institutions, it erodes further trusts in washington. they can't even have annal agreement over a budget resolution. but for the consumer, hey, just continue to you know, live your normal life. and for most consumers be glad you're not participating in the circus. >> chris farrell. thanks for joining us, we appreciate it. blackberry's dramatic decline took another turn,
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slashing about a third of its workforce. it will also report about a billion dollars worth of losses because of beings unsold phones. today on the news blackberry took a beating with shares plunging 17%. meanwhile it looks like apple has regained some swagger. ing getting their is hands on the new apple smartphone, apple 5s will be available in seven to ten business days. customers looking to buy the gold iphone 5s will have to wait until october. threats about defunding obamacare but we're going to tune out the political noise and tell you the price you will pay to buy coverage and why the same plan would be twice as expensive in one state compared to another.
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on inside story, we bring together unexpected voices closest to the story, invite hard-hitting debate and desenting views and always explore issues relevant to you.
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>> pakistan has released one of the taliban's founding members from prison. ♪ ♪ hello and welcome you are watching al jazerra. also on this program, a historic election the first poll in northern slow long ca since the end of the civil war. the strongest storm on the planet so far this year hits the philippines.
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